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Quarterly Report For The Financial Period Ended 30 June 2017

Financials Archive

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Condensed Consolidated Statement Of Profit And Loss And Other Comprehensive Income
For The Quarter And Six Months Ended 30 June 2017

Condensed Consolidated Statement Of Financial Position
As At 30 June 2017

Review of Performance

Comparison between Current Financial Quarter Ended 30 June 2017 and Previous Corresponding Quarter Ended 30 June 2016

A summary of the Group's performance is set out below:-

Technical Assembly Services Division

There were no orders in the current quarter ended 31 March 2017.

Surface Treatment & Precision Cleaning Division

Revenue for the current quarter decreased 11.27% as compared to the preceding year corresponding quarter mainly due to net decrease in Cassette washing and surface treatment services which more than offset increase in Component washing services.

Gross profit margin decreased from 23.46% to 16.75% in the current quarter mainly due to higher set up cost for a new spray paint project.

Administrative expenses has increased by RM800,000 mainly due to increase in indirect staff cost and legal fees.

Overall, the Group reported a loss before tax of RM2.05 million as compared to a profit before tax of RM0.23 million in the previous year corresponding quarter.

Comparison between Current Period-to-date Ended 30 June 2017 and Previous Corresponding Periodto- date Ended 30 June 2016

Surface Treatment & Precision Cleaning Division

Total revenue from Surface Treatment & Precision Cleaning for the current period declined by 2.26% as compared to the preceding year corresponding period. Gross profit margin remained relatively consistent at 20%.

Administrative expenses has increased by RM1,585,000 mainly due to increase in indirect staff cost and legal fees.

Overall, the Group reported a loss before tax of RM2.58 million as compared to a loss before tax of RM1.33 million in the previous year corresponding period.

Material Changes in the Quarterly Results as Compared with the Immediate Preceding Quarter

Surface Treatment & Precision Cleaning Division

The Group's revenue from Surface Treatment & Precision Cleaning for current financial quarter has decreased by 6.70% as compared to the immediate preceding quarter, the net decrease is mainly due to decrease in Cassette washing services which more than offset increase in Component washing services.

Gross profit margin for the surface treatment and precision cleaning division decreased from 24.49% to 16.75% mainly due to higher labor and material set up cost for a spray paint project with new job specification.

Overall, the Group registered a loss before tax of RM2.05 million as compared to a loss before tax of RM0.52 million in the immediate preceding quarter.

Future Prospects

We expect the demand for our services from the Hard Disk Drive Industry to pick up from the 2nd half of 2017.

The Group is at the crossroad of costs control and the need to maintain a core team to operate our upcoming operating bases in the region. The new surface treatment equipment are expected to be operationally ready by the 4th quarter of 2017 and will contribute positively to the Group's revenue and result from the next financial year.

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